Vajiravudh College’s 6-rai site on Ratchadamri Road put up for long-term lease
JLL has been appointed as an exclusive real estate advisor to lease the property
Vajiravudh College has appointed property services firm JLL as an exclusive real estate advisor to lease its prime site with 6 rai and 51 square wah (9,804 sqm) of land in the heart of Bangkok’s central business district along Ratchadamri Road. The property is offered for lease by tender with an option for interested parties to secure the property on a 30-year or 50-year term.
Situated in one of Bangkok’s prestigious locations facing the BTS Ratchadamri station with iconic views of The Royal Bangkok Sports Club, the property is the only sizable site that is currently put up for long lease on Ratchadamri Road. The site has an array of development options including asset enhancement or redevelopment into a mixed-use project, a prime Grade office building, a luxury hotel and/or ultra-luxury condominiums.
A six-rai site on Ratchadamri Road is offered for lease with an existing office building and an apartment block
“We expect Vajiravudh College’s site to attract strong interest from property developers locally and regionally,” says Mrs. Suphin Mechuchep, Chairperson of JLL. “There are a number of well-capitalised developers who are looking for an opportunity to develop a premium project in Bangkok’s most sought-after locations. Leasehold land has become a preferred option among the majority of developers due to the lack of free-hold land supply and its price when it becomes available” she explains.
Mr. Michael Glancy, Country Head of JLL in Thailand, says “The site comprises two connecting land plots – one with 3 rai and 70 square wah of land area and an office building, and another with 2 rai, 3 ngan and 81 square wah of land and an apartment block. The larger and the smaller plots will be ready for handover in 2022 and 2025 respectively. This would allow the prospective lessee to redevelop the site in phases, and capitalise on the demand in Bangkok’s key real estate sectors that is likely to pick up by the time construction of the project will complete over the next 4-6 years.”
“There is also an opportunity for investors to secure the site without the need to redevelop it. They will have an option to refurbish and reposition the existing office building and the apartment block on the site,” he adds.
The existing buildings on the site include an 18-storey office building with 29,700 sqm of space and a 20-storey apartment block with 24,600 sqm of gross floor area. The two buildings are 30 years old and 26 years old respectively.
The tender for the site has been launched and will close in the middle of July.
Mr. Kiattikhun Chartprasert, Vajiravudh College Commander, and Mrs. Suphin Mechuchep, Chairperson of JLL, are exchanging the contracts of appointment of JLL as the sole leasing agent for Vajiravudh College’s site on Ratchadamri Road. Also seen in the picture are Mr. Weeraphot Tohleebumrung, (4th from right) Director of the Office of Asset Management of Vajiravudh College, Mr. Michael Glancy (4th from left), Country Head of JLL, and other executives from both parties.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.